Intech Investment Management LLC Boosts Stock Position in CoStar Group, Inc. (NASDAQ:CSGP)

Intech Investment Management LLC raised its stake in shares of CoStar Group, Inc. (NASDAQ:CSGP) by 205.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,632 shares of the technology company’s stock after acquiring an additional 14,559 shares during the period. Intech Investment Management LLC’s holdings in CoStar Group were worth $1,549,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSGP. Moran Wealth Management LLC increased its position in CoStar Group by 2.0% during the 3rd quarter. Moran Wealth Management LLC now owns 8,027 shares of the technology company’s stock worth $606,000 after purchasing an additional 161 shares during the period. Allworth Financial LP increased its position in CoStar Group by 9.7% during the 4th quarter. Allworth Financial LP now owns 1,950 shares of the technology company’s stock worth $144,000 after purchasing an additional 173 shares during the period. Atria Wealth Solutions Inc. increased its position in CoStar Group by 2.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 7,786 shares of the technology company’s stock worth $557,000 after purchasing an additional 176 shares during the period. Dynamic Technology Lab Private Ltd increased its position in CoStar Group by 1.1% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 19,133 shares of the technology company’s stock worth $1,443,000 after purchasing an additional 209 shares during the period. Finally, FWG Holdings LLC increased its position in CoStar Group by 3.5% during the 4th quarter. FWG Holdings LLC now owns 6,431 shares of the technology company’s stock worth $494,000 after purchasing an additional 219 shares during the period. 96.60% of the stock is owned by hedge funds and other institutional investors.

CoStar Group Price Performance

Shares of NASDAQ:CSGP opened at $78.46 on Friday. CoStar Group, Inc. has a one year low of $68.26 and a one year high of $97.73. The stock has a market cap of $32.18 billion, a PE ratio of 224.17 and a beta of 0.93. The business’s fifty day moving average price is $76.15 and its two-hundred day moving average price is $75.74. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.63 and a current ratio of 8.96.

CoStar Group (NASDAQ:CSGP) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. CoStar Group had a return on equity of 3.11% and a net margin of 5.07%. The company had revenue of $709.40 million for the quarter, compared to analyst estimates of $703.00 million. On average, analysts forecast that CoStar Group, Inc. will post 0.94 EPS for the current fiscal year.

CoStar Group declared that its Board of Directors has authorized a stock repurchase program on Tuesday, February 18th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CSGP. Craig Hallum began coverage on CoStar Group in a research report on Friday, February 28th. They set a “buy” rating on the stock. Piper Sandler assumed coverage on CoStar Group in a report on Friday, February 28th. They issued an “overweight” rating on the stock. Needham & Company LLC lowered their price target on CoStar Group from $100.00 to $87.00 and set a “buy” rating on the stock in a report on Wednesday, February 19th. Keefe, Bruyette & Woods lowered their price target on CoStar Group from $96.00 to $93.00 and set an “outperform” rating on the stock in a report on Tuesday, January 28th. Finally, Wells Fargo & Company lowered their price target on CoStar Group from $65.00 to $63.00 and set an “underweight” rating on the stock in a report on Wednesday, February 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, CoStar Group has an average rating of “Moderate Buy” and a consensus price target of $88.07.

Insiders Place Their Bets

In related news, CAO Cynthia Cammett Cann sold 1,749 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $79.90, for a total value of $139,745.10. Following the transaction, the chief accounting officer now directly owns 29,456 shares of the company’s stock, valued at approximately $2,353,534.40. This trade represents a 5.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.57% of the company’s stock.

CoStar Group Company Profile

CoStar Group, Inc provides information, analytics, and online marketplace services to the commercial real estate, hospitality, residential, and related professionals industries in the United States, Canada, Europe, the Asia Pacific, and Latin America. The company offers CoStar Property that provides inventory of office, industrial, retail, multifamily, hospitality, and student housing properties and land; CoStar Sales, a robust database of comparable commercial real estate sales transactions; CoStar Market Analytics to view and report on aggregated market and submarket trends; and CoStar Tenant, an online business-to-business prospecting and analytical tool that provides tenant information.